Kikkoman (2801) Q4 2025 earnings summary

Executive summary

• FY2025 consolidated revenue rose 7.3% year-over-year to ¥709.0 billion, with business profit up 5.3% to ¥77.3 billion and profit attributable to owners of parent up 9.3% to ¥61.7 billion.

• Overseas operations drove growth, especially in soy sauce and wholesale businesses, while Japan saw slower earnings growth due to high costs and a weak yen.

• All major business segments reported higher revenue; overseas operations were a key growth driver.

• The FY2026-2028 Medium-Term Management Plan targets a 5%+ sales CAGR (excl. FX), 10%+ business profit margin, and 12%+ ROE by FY2028.

Financial highlights

• FY2025 revenue: ¥709.0bn (+7.3% YoY); business profit: ¥77.3bn (+5.3% YoY); operating profit: ¥73.7bn (+10.4% YoY); net profit: ¥61.7bn (+9.3% YoY).

• Overseas revenue: ¥552.1bn (+8.5% YoY); Japan revenue: ¥163.6bn (+3.9% YoY).

• Basic earnings per share rose to ¥64.99 from ¥59.19, reflecting the 5-for-1 stock split.

• Cash and cash equivalents at year-end were ¥106.2bn, down ¥13.0bn from the prior year.

• Dividend payout ratio increased to 38.5%, with a total dividend of ¥25 per share (post-split basis).

Outlook and guidance

• FY2026 revenue expected to rise 5.0% to ¥744.5bn, with overseas revenue up 5.1% and Japan up 4.5%.

• Business profit forecast to be flat at ¥77.6bn, with Japan up 14.9% and overseas flat.

• Net profit expected to decrease 3.4% to ¥59.6bn due to higher costs and lower holding company profit.

• Assumes 145 yen/USD and 160 yen/EUR; cost increases from tariffs and materials expected to be passed on to prices.